Labor would introduce four new or higher taxes on superannuation.
These would grab $34 billion over a decade from around 1 million workers. Labor would:
- Abolish concessional catch up contributions. This would hit 230,000 people, including mums and dads who take parental leave.
- Reverse our legislated changes for deductions for personal contributions. This would hit around 800,000 workers. It would particularly affect self-employed people (like tradies) who work part time while getting their businesses off the ground.
- Reduce the non-concessional contribution cap from $100,000 to $75,000. This would hit around 20,000 people wanting to self-fund their retirement.
- Reduce the threshold on concessional contributions from $250,000 to $200,000. This would double the tax for 130,000 people earning between $200,000 and $250,000.